Of course the problem with instant loan decisions is that you do tend to get an immediate yes or no from the prospective lender which leaves very little room for manoeuvre.  The reason these instant loan decisions are possible is that during the loan application the lender requires information from the applicant that goes towards building a credit score.  The loan decision is then based upon whether the credit score exceeds a certain threshold or not.

Are Bad Credit Instant Decision Loans Available?

If you are looking for an instant decision unsecured loan and you have bad credit then the fact of the matter is that you are are unlikely to find many lenders willing to lend you money.  The reason for this is as previously stated.  The lender uses the information you provide during the application process to formulate a credit score which evaluates your credit worthiness.  If this credit score is insufficient then you are rejected immediately, so if you are looking for instant credit unsecured loans but have a poor credit history then you are likely to fall foul of this credit scoring process.

One alternative is to not pursue an instant decision unsecured loan if you have bad credit, but to be prepared to look for instant decision loans that require you to provide some form of security, an instant decision secured loan, if you will.  By providing security you will almost certainly be able to allay most of the lenders fears about you being a bad credit risk.  If you do take out a secured loan and keep up the repayments you will also go some way to helping repair your bad credit history.

What Criteria Do I Use To Get The Best Instant Decision Loan?

In order to try to get the best possible loan instant decision you should try to follow the steps below:

1. Before you apply for any loan, whether it be a regular loan application or an instant decision loan application, make sure you know what information is contained on your credit report.  As we discussed above, if you do have a poor credit history then your potential for borrowing money quickly in this way is more limited.  So find out what is on your credit report before wasting your time trying to borrow money.
2. The main method of comparing the loan offerings from different lenders is to look at the interest rate that they are proposing to charge.  The lower the rate the less you will pay.  Before making an application why not make a list of prospective lenders and write down next to them the interest rate they would charge you on your loans?  You should be able to weed out the more expensive lenders quite quickly.
3. Check to see if the instant decision loan provider charges you an administration or deliver charge over and above the amount you are proposing to borrow.  You will have to pay this back too and with interest the amount quoted may well end up a lot more expensive than you expect. The instant decision loan market is quite a competitive market and so there is no reason why you should not be able to find a lender who offers both a low interest rate and does not charge you any thing for borrowing their money either.
4. Sometimes, perhaps deliberately to make comparison a little bit more difficult some instant decision loan companies will offer things that appear to be helpful but over the life of the loan  can prove very expensive.  One such example of this is the payment holiday, which allow you to defer payments on you loan for a period of time, perhaps as much as a year.  This sounds great and you may well be in such a position that you are particularly looking for such offers which is fine, but you should be aware that although you may not be making payments on such instant decision loans you will still be incurring interest charges and the end result is that you will end up paying significantly more over the life of the loan than you would if you did not take advantage of the special offer.  Forewarned is forearmed.  By all means take advantage of the payment holiday offer but just do so in full knowledge of its consequences.

Hopefully this post has given you a flavor of the process by which you should go about getting instant decision loans, whether they be instant decision online loans or instant decision loans over the telephone.  Remember perhaps the most important piece of advice is to ensure that you know what is on your credit report prior to applying, as those instant loan decisions can leave you with no-where to go if you find your credit score is poor and you keep getting rejected.

Related posts:

1. Get A Fast Secured Loan
2. How To Find Poor Credit Car Loans